What About My Car?
When you file Chapter 7 bankruptcy, you have options with your car.
You can KEEP IT – or – REPLACE IT, and save thousands in the process!
722 Redemption is a section of the United States Bankruptcy Code that empowers a debtor with the statutory right to redeem their vehicle for what the vehicle is worth – NOT what they owe.
Let’s say you owe $30,000 on your car note but the market value of your car is only $15,000. You can use the 722 Redemption process to refinance the vehicle at $15,000. That means you cut your car note in half.
What’s the catch?
The bankruptcy law requires a lump sum payment to the original car lender so most clients will use a company by the name of 722 Redemption Funding to finance the lump sum payment to the original car lender.
You can see if your car is eligible for redemption by visiting their website at www.722redemption.com
You can also surrender your car and use 722 Redemption Funding to purchase a new or low-mileage vehicle during the bankruptcy process.
There are many wonderful options with respect to your vehicle in the bankruptcy process. You can Redeem It; Replace It; or simply Surrender It and be done with the car note all together.
It’s always a pleasure to see clients react when they realize that I’ve erased all their debt and cut their car note in half. Many of my clients have shed tears of joy and also mentioned to me that no other attorney they met with even mentioned that 722 Redemption was a statutory right in a bankruptcy case.
Call me for a free consultation at (215) 551 7109 and our website for more information at www.dunnelawoffices.com.